Comerica Bank decreased its holdings in Portland General Electric (NYSE:POR) by 8.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 69,619 shares of the utilities provider’s stock after selling 6,057 shares during the period. Comerica Bank owned about 0.08% of Portland General Electric worth $3,302,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also modified their holdings of the company. Huntington National Bank grew its holdings in Portland General Electric by 1.2% in the second quarter. Huntington National Bank now owns 2,809 shares of the utilities provider’s stock worth $128,000 after purchasing an additional 34 shares during the last quarter. Cornerstone Capital Management Holdings LLC. purchased a new position in Portland General Electric in the second quarter worth $141,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Portland General Electric by 52.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,906 shares of the utilities provider’s stock worth $178,000 after purchasing an additional 1,352 shares during the last quarter. Janney Montgomery Scott LLC purchased a new position in Portland General Electric in the second quarter worth $202,000. Finally, Breton Hill Capital Ltd. purchased a new position in Portland General Electric in the third quarter worth $204,000. 92.62% of the stock is owned by institutional investors.
Several research firms have issued reports on POR. J P Morgan Chase & Co lifted their price target on shares of Portland General Electric from $47.00 to $48.00 and gave the stock a “neutral” rating in a report on Monday, October 30th. KeyCorp reaffirmed a “hold” rating on shares of Portland General Electric in a report on Friday, September 1st. BidaskClub raised shares of Portland General Electric from a “hold” rating to a “buy” rating in a report on Wednesday, August 23rd. Zacks Investment Research raised shares of Portland General Electric from a “sell” rating to a “hold” rating in a report on Thursday, September 21st. Finally, Bank of America assumed coverage on shares of Portland General Electric in a report on Tuesday, October 24th. They set a “neutral” rating and a $45.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $46.00.
Portland General Electric (NYSE:POR) last announced its quarterly earnings data on Friday, October 27th. The utilities provider reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.06. The firm had revenue of $515.00 million for the quarter, compared to analyst estimates of $497.85 million. Portland General Electric had a net margin of 10.21% and a return on equity of 8.65%. The business’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.38 earnings per share. equities research analysts forecast that Portland General Electric will post 2.26 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Tuesday, December 26th will be given a dividend of $0.34 per share. The ex-dividend date is Friday, December 22nd. This represents a $1.36 dividend on an annualized basis and a yield of 2.81%. Portland General Electric’s dividend payout ratio is presently 59.13%.
About Portland General Electric
Portland General Electric Company is an electric utility that is engaged in the wholesale purchase, transmission, distribution and retail sale of electricity in the State of Oregon. Its service area allocation of approximately 4,000 square miles is located entirely within Oregon and includes approximately 51 incorporated cities, of which Portland and Salem.
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